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Management Discussion  
Cummins India Ltd.
BSE Code 500480
ISIN Demat INE298A01020
Book Value(Rs.) 154.74
Dividend Yield % 1.86
Market Cap(Rs. in millions) 208967.22
P/E 29.61
EPS 25.46
Face Value(Rs.) 2  
Year End: March 2016


1. Industry Structure and Developments Economic Trends and Implications

¦ According to the Economic Survey 2016, the Indian economic growth rate is in the range of ~7.6%1) in Financial Year 2015-16.

¦ The economy is set to gather strength in Financial Year 2016-17 if supported by a normal monsoon, the likely boost to consumption demand, and continuing favourable monetary policy changes.

¦ The increase in government spend on numerous sectors such as roads (up by 52% in Financial Year 2015-16 from brvious year), railways (up by 27% in Financial Year 2015-16 from brvious year) etc. has fueled economic growth. Additionally, changes in the bank rates in Financial Year 2016-17 will aid in realizing various government initiatives.

¦ The government is propagating 'Make-in-India' campaign to promote local manufacturing. The government's commitment and efforts to improve the manufacturing scenario in India should help manufacturing companies in the medium to long term.

¦ In the long term, India's growth story remains intact, supported by an increase in spend by the Government, monetary policy changes, rapid urbanization and increasing domestic consumption driven by a growing middle class.


1 ) At constant market prices as per the Advance Estimates of National income 2015-16 Central Statistics Office (CSO) - Ministry of Statistics & Programme Implementation (released in Feb 2016)

2. Opportunities and Threats*

Key Opportunities

Power Generation

¦ Although the power deficit has reduced over last few years, thrust on infrastructure will boost the genset business, driven by increasing power demand and requirement of uninterrupted power supply in the domestic market.

¦ New global products have resulted in additional export opportunities for diesel and gas business. With products from India gaining confidence in global markets, your Company is receiving repeat orders from its global customers.

Off-Highway & High Horsepower

¦ Increase in government expenditure on infrastructure, road building and smart cities over the coming year is likely to help in the overall infrastructure development in the medium term.

¦ Government's push for affordable housing, sanitation, urban and rural development will have positive implications for the construction market.

¦ The railway budget indicated an investment of Rs. 12,100,000 Lacs. This increase has been assigned for commissioning 2,800 kms of railway lines as well as increase in focus on gauge conversion. This is expected to boost the demand for track maintenance machines. Additionally, the focus on increasing last mile connectivity will provide growth in the Diesel Electric Multiple Unit (DEMU) segment.

¦ Increased privatization in coal mining and impetus towards higher production of coal by government would result in movement towards higher tonnage dump trucks.

¦ Fleet expansion and modernization by the Indian Navy and Coast Guard is leading to increased demand in the marine segment in Financial Year 2016-17.

¦ With Government focus on Oil & Gas providing clarity in gas pricing, the market will see an upsurge in demand in gas combrssion market.

* The Members are requested to refer the Business Responsibility Report which forms part of the Annual Report for Financial Year 2015-16, as the business units of the Company have been restructured effective April 18, 2016.


¦ The M&HCV market production (Medium and Heavy Commercial Vehicles - GVW >7.5 Ton) grew by 27% in Financial Year 2015-16 over Financial Year 2014-15 after two years of sharp declines. The increase was driven by GDP growth, higher replacement demands, positive market sentiments and lower interest rates.

¦ BS IV emission norms implementation has begun in a phased manner across India from October 2015 onwards, and is expected to be completed by April 2017. Your Company is ready with a range of BS IV products to cater to all the needs of current segments.

¦ The Umbrella program was launched in 2015 with a focus on enhancing customer value with our ISBe5.9 BSIV SCR (Selective Catalytic Reduction) engine, also incorporating the globally successful Cummins Fuel System to enhance customer satisfaction.

¦ There is focus on developing 'fit for market' solutions to meet upcoming emission regulations and market needs. Your Company is developing an EGR (Exhaust Gas Recirculation) solution to provide a simple yet lower cost solution.


¦ Your Company continues to focus on improving customer support & engagement through the formation of key account management structure and prioritizing critical customer segments.

¦ Introduction of the CRM system called Cummins Dealer Operating System (CDOS) was completed in all dealerships across India last year and underwent a technical upgrade this year to 'open user interface', which enables us to work towards improving customer support through mobile devices. This year, we are also focusing on employing data analytics and business intelligence on the generated data for enhancing our customer's experience and delight.

¦ Development of technical training infrastructure is a key enabler for your Company's plans to deliver customer support excellence. The state of the art Cummins Technical Training Center at Phaltan was commissioned this year. This will enable your Company to further bolster its technical capability in small, medium and high horse power engines.


¦ Working with Cummins Inc., your Company explored opportunities for quantum series engines in new geographies such as South Africa. Your Company looks forward to adding new geographies and increase exports of the quantum products.

Key Threats


¦ The M&HCV space is witnessing intense competition both from Indian and global OEMs, expanding their brsence in multiple segments.

Power Generation

¦ The power deficit in India has been hovering around 1-2% levels during Financial Year 2015-16. Your Company is expecting further power deficit reduction leading to gensets being used for standby applications. This could impact service and parts revenue. Customers tend to postpone their repair work due to low utilization.

¦ In the genset business, international players are establishing their footprint in India, thus intensifying competition across segments and leveraging local manufacturing.

¦ The market has shown limited willingness to absorb price increases since the implementation of CPCB-II norms (effective July 1, 2014), resulting in price discounting in the domestic market.


¦ The power deficit in India has been hovering around 1-2% levels during Financial Year 2015-16. Reduced power deficit levels leading to increased stand-by use of diesel gensets could impact demand for after-market products & services in genset applications.

3. Product-wise Performance

Power Generation

¦ Post CPCB-II implementation which led to a challenging Financial Year 2014-15 for the domestic business, your Company has been focused on sales initiatives, cost reduction projects and quality improvements which has resulted in growing market share & revenue.

Off-Highway & High Horsepower

¦ Revenue in the Industrial Engine Business Unit experienced a 10% growth in Financial Year 2015-16 over Financial Year 2014-15, mainly due to the increased sales in segments such as construction, combrssor and rail.

¦ The Combrssor business grew by 33% and the Railway business grew by 23% in Financial Year 2015-16 over Financial Year 2014-15.

¦ The Construction segment grew 11% in Financial Year 2015-16 over Financial Year 2014-15, mainly due to increase in domestic orders.

¦ The Oil & Gas segment experienced growth in revenue in Financial Year 2015-16 over Financial Year 2014-15 owing to timely and effective execution of orders.

¦ Other segments, which contributed to the revenue growth, were Mining, Pumps and Defense. On-Highway

¦ Your Company is leveraging relationships with existing customers for new products in order to enable their growth in the M&HCV market.


¦ The Distribution Business grew by around 10% over last financial year. Maintaining consistent focus on growth segments of mining, railways and construction helped our spare parts business grow in spite of lower diesel generator utilization for power generation applications. The Service Solutions Business grew double digits on account of long term mining and railway AMC contracts. Cyclical demand from Railway, Mining and DBU managed OEM's helped bolster engine sales. Growth in Rebuild engines and Batteries was impacted due to muted sales from the power generation segment.


¦ Your Company developed the 14 Litres engine for the Marine application which is expected to bring volumes from North American region. The new product has also brought demand from European region.

New Business initiatives for Financial Year 2015-16

Off-Highway & High Horsepower

¦ Your Company started exporting 6 cylinder engines to countries such as Russia and China for excavator applications in the construction segment.

¦ Your Company successfully executed orders for Offshore Patrol Vessels for the Indian Coast Guard and Sri Lankan Navy with the 28 Litres engine.

¦ Your Company successfully commissioned the first rake with the QSK50 engine for a DEMU application in the railway segment.

¦ Your Company continued to focus on customer satisfaction and engagement by strongly directed initiatives towards integrated account management and end user management.

¦ Your Company executed major orders for the Indian Defense segment for new applications. This will provide an opportunity to further grow the defense business.


¦ Your Company is also exploring business opportunities with new customers in both existing and new segments.


¦ Your Company has undertaken a pan-India technology driven customer reach improvement project with the dealerships to improve post warranty customer engagement.


¦ As part of the initiative to add new geographies, your Company supplied 14 Litre engines to Canada.

¦ In an initiative to leverage the available capacities, your Company started export of machined components to various Cummins engine manufacturing facilities with increased focus to become the brferred supplier of components.


Power Generation

¦ Your Company made significant inroads in gaining market share post CPCB-II.


¦ Cummins participated in the 3rd edition of T1 Truck Racing event organized by Tata Motors Limited - the leading market player in Medium and Heavy Commercial Vehicle segment. All the trucks used in the event were powered by Cummins engines. The event showcased latest technologies and received excellent spectator turnout and media coverage.

¦ The event came to a euphoric conclusion with a resounding victory for 'Team Cummins' bagging the 2nd and 3rd spots at the race!

Off-Highway & High Horsepower

¦ FY 2015-16 saw an increase in Construction segment sales with increased demand for 6 Cylinder and 4 Cylinder engines due to government's focus on improving road and infrastructure.

¦ Localization of 23 Litres engine in India for the excavator application in the construction segment.

¦ Revival in the demand for Water Well drill rigs in Financial Year 2015-16 as compared to Financial Year 2014-15 - due to the cyclical nature of the segment.

¦ Strong increase in demand for 19 Litres engine for the Power Car application in the Rail segment.

¦ Your Company successfully entered the Emergency Diesel Genset segment for an offshore application. This will provide an opportunity for further success in this application in FY 2015-16.


¦ Distribution Business improved its Net Promoter Score leadership in 2015-16. The Net Promoter Score, a measure of customer loyalty, strengthened to 71% and the Distribution business in India stood second in the DBU Global NPS scores.

¦ The Distribution Business of your Company further strengthened the nation-wide environmental campaign- 'Coach Them Young' which it had started in 2014. The program content was completely revamped this year and focused on improving impact on community and increasing reach. The program was aimed at reinforcing awareness amongst the future citizens of our country about how important it is to protect the environment in a sustainable manner, covered 730,000 students this year across the country, a whopping 70% improvement over last year.

¦ The Distribution Business has achieved savings worth Rs. 18 Crores against targeted Rs. 11 Crores from Six Sigma cost savings/ revenue generation projects and also executed 34 Customer Focused Six Sigma Projects. Most projects were aligned to key business initiatives such as Customer Support Excellence, Supply Chain Transformation, Profitable Growth, Business Process Improvements and Partnering with Channel partners to make them succeed. This year, the Six Sigma program was also extended to community development via execution "Community Impact Six Sigma" projects.

4. Outlook and Initiatives for the Current Year and Thereafter

Power Generation

¦ While the domestic market sentiments remained stagnant last year, the domestic power generation business is likely to see volume increase in the forthcoming financial year on account of gaining market share across segments.

¦ Global markets are expected to remain soft. However, our extended product range offering will support growth in exports business.

¦ Your Company expects the power deficit to remain low leading to a shift towards standby usage pattern. With the renewed push on infrastructure & industry development your Company is optimistic about the future of the power generation business.

¦ In the long term, with greater focus on more stringent environmental norms in the future, your Company is positioned favorably as pioneers in producing engines with higher fuel-efficiency and cleaner technology.

Off-Highway & High Horsepower

¦ Your Company is expected to sustain leadership in the Water Well Combrssors and Portable Combrssors segment.

¦ Coal India production is expected to grow to nearly 1 billion ton by FY 2019-20 (from 494 tons in FY 2014-15) by ramping up output and productivity. This paves way for new business opportunities for higher tonnage equipment in the mining segment.

A strong Indian Navy order board and new tenders from the Coast Guard are expected in FY 2015-16 fueled by the drive to modernize the Indian fleet.

¦ New opportunities are expected to be created in the defense sector with impetus on 'Make in India' by the Central Government.


¦ The Medium and Heavy Commercial Vehicles market is expected to continue the growth trajectory in the upcoming year due to positive factors such as stronger economic growth, rise in freight rates and decrease in diesel prices and thereby improving the profitability of transporters. Govt. policies are expected to boost infrastructure development.

¦ Though the mining bans have been lifted in some regions, its full impact is yet to be seen.

¦ Your Company will continue to support its key customers through its range of products in a highly competitive market.

¦ For the upcoming BS VI norms applicable from 2020, your Company is brpared with the required product portfolio. Globally, your Company has an engine product portfolio from 2.8 to 15 liters, which conforms to the BS VI requirements. Your Company has started optimizing the products to better suit the Indian market requirements and duty cycles.


¦ The Distribution Business has seen double digit growth in Financial Year 2015-16 in spite of the reducing utilization of diesel generators in the country.

¦ The outlook for Financial Year 2016-17 is positive and your Company is expecting to carry on this positive growth trajectory on account of a healthy order board for spare parts, continued demand for replacement engines from key accounts and improving penetration in solutions contracts.

¦ One of the key initiatives of the Distribution Business Unit is to improve pan-India customer reach through its dealerships for the Power Generation segment.

¦ Your Company bolstered its brsence in Distribution by fully acquiring it joint venture dealership within its DBU portfolio in order to get direct customer access and also to improve our understanding of last mile operations.


¦ Your Company is focused on increasing the exports of its products. Your Company is positioned strongly in all its export markets. There have been substantial business development initiatives to diversify into new territories with new and existing products. Your Company has identified profitable opportunities to supply parts to various Cummins engine plants.

5. Risks and Concerns perceived by the Management

¦ Inflationary brssures are likely to continue. Industrial activity continues to be a drag on the economy, with retrenchment in investment demand.

¦ Export growth hinges on growth in demand in partner countries which is soft and uncertain.

¦ Further tightening of the global liquidity as US tapers its bond-buying program could be a likely risk to the Indian economy.

Measures to mitigate risks

¦ To counter the slowdown in economic growth, it is imperative to maintain focus and leadership in the domestic market. New product/ market development, overall portfolio diversification and better market penetration for existing products will continue to be focus areas for your Company.

¦ Continued focus on our efforts to reduce direct material cost, with initiatives such as 'Accelerated Cost Efficiency' (ACE) and Six Sigma will help maintain cost leadership in the domestic market and enable your Company to remain the brferred source for exports.

6. Internal Control Systems and its Adequacy

Your Company has established adequate internal control procedures, commensurate with the nature of its business and size of its operations. These controls have been designed to provide a reasonable assurance with regard to maintaining of proper accounting controls for ensuring orderly and efficient conduct of its business, monitoring of operations, reliability of financial reporting, accuracy and completeness of the accounting records, and the timely brparation of reliable financial information, protecting assets from unauthorized use or losses, brvention and detection of frauds and errors, and compliances with regulations. The Company has continued its efforts to align all its processes and controls with global best practices.

To provide reasonable assurance that assets are safeguarded against loss or damage and that accounting records are reliable for brparing financial statements, the Management maintains a system of accounting and controls, including an internal audit process. Internal controls are evaluated by the Internal Audit department and supported by the Management reviews. All audit observations and follow up actions thereon are tracked for resolution by the Internal Control function and reported to the Audit and Risk Management Committee. An ongoing program, for the reinforcement of the Cummins Code of Conduct is brvalent across the organization. The Code covers transparency in financial reports, ethical conduct, regulatory compliance, conflicts of interests review and reporting of concerns. Anti-fraud programs including whistle blower mechanisms are operative across the Company.

The Board takes responsibility for the overall process of risk management throughout the organization. Through an Enterprise Risk Management program, the Company's business units and corporate functions address opportunities and the attendant risks through an institutionalized approach aligned to the Company's objectives. The Business risk is managed through cross functional involvement and communication across businesses. The results of the risk assessment and residual risks are brsented to the senior management. The Audit and Risk Management Committee reviews business risk areas covering Product Planning, Value Package Introduction, Customer Support Excellence, Quality and Talent Management.

7. Discussion on Financial Performance with respect to Operational Performance Financial Review

The financial statements have been brpared in accordance with the requirements of the Companies Act, 2013 (Revised Schedule III) and Generally Accepted Accounting Principles (GAAP). There are no material departures in adoption of the brscribed accounting standards.

The estimates and judgments relating to the financial statements have been made on a reasonable basis, so that the financial statements reflect the form and substance of transactions in a true and fair manner, and reasonably rebrsent the Company's state of affairs and profit for the year.


On a standalone basis:-

Your Company's net revenue from operations increased by 7.23% to Rs. 472,429 Lacs and profit before tax decreased  by 3.30 % to Rs. 90,642 Lacs.

Total employee cost was Rs.42,095 Lacs as compared to Rs. 39,126 Lacs during the brvious year. The debrciation charge increased from Rs. 7,972 Lacs during the brvious year to Rs. 8,101 Lacs during the year under review. Finance Cost decreased to Rs. 86 Lacs as compared to Rs. 126 Lacs in the brvious year.

On a consolidated basis:-

Your Group's net revenue from operations increased by 6.84% to f 525,222 Lacs and profit before tax decreased by 2.88 % to Rs. 90,774 Lacs.

Total employee cost was Rs.46,020 Lacs as compared to Rs. 42,211 Lacs during the brvious year. The debrciation charge increased from Rs.8,646 Lacs during the brvious year to Rs. 8,866 Lacs during the year under review. Finance Cost decreased to Rs.167 Lacs as compared to Rs. 175 Lacs in the brvious year.

Fixed Assets

On a standalone basis:-

Additions to the Fixed Assets block during the year ended March 31, 2016 were Rs. 13,829 Lacs (Rs. 39,869 Lacs in the brvious year). The addition of Rs. 13,829 Lacs consists mainly of Buildings amounting to Rs. 10,161 Lacs, Plant and machinery worth Rs. 3,129 Lacs and Freehold land worth Rs. 117 Lacs. The debrciation block as of March 31, 2016 was Rs. 70,229 Lacs as compared to Rs.64,905 Lacs as at March 31, 2015. The deductions/ disposals during the year amounted to Rs. 2,963 Lacs as compared to Rs.623 Lacs in the brvious year. Consequently, the net fixed asset block increased to Rs.128,938 Lacs as of March 31, 2016, as compared to Rs.123,396 Lacs as at March 31, 2015.

The estimated amount of contracts remaining to be executed on capital account and not provided for, as of March 31, 2016, was Rs.16,633 Lacs, and your Company believes that it will be able to fund them internally.

On a consolidated basis:-

Additions to the Fixed Assets block during the year ended March 31, 2016 were Rs. 14,438 Lacs (Rs. 43,941 Lacs in the brvious year). The addition of Rs. 14,438 Lacs consists mainly of buildings amounting to Rs. 10,288 Lacs, plant and machinery worth Rs. 3,388 Lacs and freehold land worth Rs. 117 Lacs. The debrciation block as of March 31, 2016, was Rs. 72,690 Lacs as compared to Rs. 66,573 Lacs as at March 31, 2015. The deductions/ disposals during the year amounted to Rs. 3,077 Lacs as compared to Rs. 804 Lacs in the brvious year. Consequently, the net fixed asset block increased to Rs.135,972 Lacs as of March 31, 2016, as compared to Rs.130,728 Lacs as at March 31, 2015.


On a standalone basis:-

Investments decreased to Rs. 33,544 Lacs in March 31, 2016 from Rs. 46,504 Lacs as on March 31, 2015. We maintained a dividend distribution to our shareholders at 700% which absorbed Rs. 46,708 Lacs after dividend distribution tax.

On a consolidated basis:-

Investments decreased to Rs.39,701 Lacs in March 31, 2016 from Rs. 53,553 Lacs as on March 31, 2015.

8. Human Resources Development and Industrial Relations

The total number of employees stands at 3,669 as on March 31, 2016.

Leadership Excellence

In building Leadership Excellence across the organization, your Company has continued to cascade the five critical Leadership Skills (Coaching, Fostering Open Communications, Managing Diversity, Managing Talent and Strategic Thinking), covering 863 managers in the Coach and Develop session, and 775 managers in the session on Fostering Open Communications and 617 managers in Talent Management sessions. In addition, 515 managers underwent the 'Leadership Conversations - Building Success in Others' program. This year, 103 employees are continuing sponsorship for higher education, at your Company's partner institutions such as the Kelley School of Business at the Indiana University in the US, IIM-Ahmedabad as well as the S. P. Jain post graduate management programs and the Masters level program in Engineering at the ARAI-Vellore Institute of Technology.

Hire-To-Develop and Seamless Talent Deployment

To help develop talent in a more integrated manner, your Company has launched the Global Internal Moves policy and iRecruit IT system. These are automated systems that allow your Company's employees to view growth opportunities in India and other parts of the world. Another important initiative under Hire-to-Develop philosophy involves brsenting growth opportunities to employees to develop themselves by taking on responsibilities across functions and businesses. Approximately 227 professional employees moved into different roles or functions, within the group.

Campus Hiring

Continuing the focus around employing the right talent at the entry level and developing them for future roles within the organization, this year, your Company hired 251 employees from Engineering, CA, MBA and MTech fields. Over 90 engineers went through the Young Managers Development Program (YMDP). Around 182 women were hired in 2015 (which is 72% of total hires in 2015), thus showcasing the commitment towards gender equality. Your Company also continued to hire diverse workforce from other regions of India (East, South and North) thus endorsing your Company's inclusive culture.

Your Company also strengthened partnerships with distinguished MBA and Engineering colleges. These includes institutes such as Indian Institute of Management, Ahmedabad, Indore, Udaipur (IIM - Udaipur), S. P. Jain Institute of Management and Research (S. P. Jain), Narsee Monjee Institute of Management Studies (NMIMS), Indian Institute of Technology Bombay (IIT-Bombay), Indian Institute of Technology Madras (IIT-Madras), Symbiosis Centre of Management and Human Resource Development (SCMHRD), College of Engineering Pune (CoEP), Symbiosis Institute of Business Management (SIBM), Xavier Labour Relations Institute (XLRI) Jamshedpur, National Institute of Industrial Engineering (NITIE) Mumbai, Tata Institute of Social Sciences (TISS), Symbiosis Institute of Operations Management (SIOM) - Nashik, by appointing senior leaders as 'Sponsors' to take up the responsibility to engage with these colleges at various levels including participating in guest lectures, symposiums, college events, event-sponsorships, tech shows, case studies, etc.

In addition to the above-mentioned colleges, your Company has also ensured consistent engagement programs to strengthen its relationship with the Indian School of Business (ISB) - Hyderabad, one of India's brmiere business schools, to hire talented students and groom them for leadership roles.

Employee Engagement

¦ Your Company designed The Global Employee Engagement Survey to understand what drives engagement of the employees. This was designed to gather feedback which will help in understanding what your Company does well in driving engagement and where further improvements are needed.

¦ Your Company's Engagement Index is 84, versus the India industry benchmark of 79, which is one of the highest scores as compared to other global companies of similar size. It is encouraging that your Company's employees feel a high level of engagement within Cummins as a whole, and within India.

¦ To further improve the engagement levels of your Company's employees, your Company has taken up two projects for the professional employee segment and various key employee development initiatives for the shop employee segment to drive improvements and to create the right environment.


Given the impact of diversity as a powerful business driver, your Company has continued to focus on diversity as a Core Value. Improving Gender Rebrsentation, especially in the Middle and Senior Management group, has been chosen as an area of focus. Last year extensive work was carried out with a group of leaders to brpare a combrhensive roadmap for Improving Women Leadership Rebrsentation. Your Company is careful not to encourage any entitlement system and all selections are made on the basis of merit. The efforts of the past nine years in increasing rebrsentation and greater inclusion of talented, hard-working women at the workplace at all levels of the organization are more visible with rebrsentation at professional levels at ~30%.

Megasite Update

At the Cummins Megasite, living up to the spirit of 'One Cummins', your Company continues to invest in Team Based Work Systems (TBWS), which helps create an inclusive environment in all its plants. In order to strengthen team spirit among the shop-floor employees at the Megasite, TBWS Day was celebrated. Your Company has achieved 24% percent female rebrsentation amongst the shop-floor employees at the Megasite.

The Women's Affinity Group at the Megasite organized various sessions on self-defence, health and fitness, br­marital counselling, contraception, early brgnancy support, awareness of various chronic ailments, stress management and leadership. This was in addition to the periodical Focus Group Discussions and interactive inter-entity competitions encouraging creativity among the employees. TBWS Benchmarking visits are being conducted in alignment with creating an agile workforce. Infrastructure facilities such as the Learning Center, Creche and Health Center are already in place. To retain talent and provide safe and harmonious living conditions to employees based at Phaltan, your Company initiated enrolment at Cummins Residential Campus, with state of the art facilities like club house, recreational zone, emergency medical services, 24/7 security, cafeteria and other amenities to provide a safe and comfortable living environment. Cummins Residential campus currently houses 213 employees with 37% female residents.

Right Environment

During the course of the year, your Company honored instances of exemplary allegiance to the six Core Values -Integrity, Innovation, Delivering Superior Results, Diversity, Global Involvement and Corporate Responsibility, along with Six Sigma, Customer Support Excellence and Health, Safety and Environment. The winners were felicitated at the CMD (Chairman and Managing Director) Awards Function, an annual event that is now in its eleventh year. Our efforts to have all employees understand and commit to the 'Cummins Code of Business Conduct' and 'Treatment of Each Other at Work' Policy continues. This remains the core in creating and sustaining the right environment for all our stakeholders, both inside and outside the organization.

9. Cautionary Statement

Statements in the Management Discussion and Analysis describing the Company's objective, projections, estimates and expectations may be 'forward-looking statements' within the meaning of applicable securities laws and regulations. Actual results could differ materially from those exbrssed or implied. Important factors that could make a difference to the Company operations include, among others, economic conditions affecting demand/supply and price conditions in the domestic and overseas markets in which the Company operates, changes in government regulations, tax laws and other statutes and incidental factors.

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